Net service revenue increased $68.0 million to $467.3 million compared to $399.3 million in 2018.

Net income attributable to Amedisys, Inc. of $31.3 million compared to $27.2 million in 2018.

Net income attributable to Amedisys, Inc. per diluted share of $0.95 per diluted share compared to $0.79 in 2018.

Adjusted Quarterly Results*

Adjusted EBITDA of $54.9 million compared to $41.7 million in 2018.

Adjusted net service revenue of $467.8 million compared to $399.3 million in 2018.

Adjusted net income attributable to Amedisys, Inc. of $36.4 million compared to $27.3 million in 2018.

Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.11 compared to $0.79 in 2018.

* See pages 10 and 11 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am very proud of our first quarter results as we continue our momentum into 2019. Most importantly and core to what we do, our clinical quality metrics continue to be at, or near, the top of the industry in both home health and hospice. Providing our clinically distinct care to as many patients wherever they call home is and will always be our mission. Finally, thanks to our team of over 21,000 employees for continuing to do all that you do to drive such impressive results and provide such incredible care.”

2019 Guidance

Net service revenue is anticipated to be in the range of $1.94 billion to $1.98 billion.

Adjusted EBITDA is anticipated to be in the range of $205 million to $210 million.

Adjusted diluted earnings per share is anticipated to be in the range of $3.98 to $4.09 based on an estimated 33.1 million shares outstanding.

This guidance excludes the effects of any future acquisitions, if any are made.

We urge caution in considering the current trends and 2019 guidance disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com.

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, May 1, 2019, at 11:00 a.m. ET to discuss its first quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through June 1, 2019 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13689585

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 3,000 hospitals and 65,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With more than 21,000 employees, in 471 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 376,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.

We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to comply with requirements stipulated in our corporate integrity agreement, our ability to realize the anticipated benefits of the acquisition of Compassionate Care Hospice, and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,895

3,593

Non-cash compensation

6,615

4,044

401(k) employer match

2,379

2,567

Amortization and impairment of operating lease right of use assets

8,345

—

(Gain) loss on disposal of property and equipment

(4

)

563

Deferred income taxes

3,269

2,945

Equity in earnings from equity method investments

(1,216

)

(1,860

)

Amortization of deferred debt issuance costs/debt discount

213

178

Return on equity investment

725

625

Changes in operating assets and liabilities, net of impact of acquisitions:

Patient accounts receivable

(22,333

)

8,260

Other current assets

(10,635

)

(6,982

)

Other assets

(338

)

46

Accounts payable

(11,140

)

(1,523

)

Accrued expenses

18,838

(1,807

)

Other long-term obligations

(144

)

2,348

Operating lease liabilities

(8,139

)

—

Operating lease right of use assets

(844

)

—

Net cash provided by operating activities

20,059

40,317

Cash Flows from Investing Activities:

Proceeds from sale of deferred compensation plan assets

208

462

Proceeds from the sale of property and equipment

65

5

Investments in equity method investees

(120

)

—

Purchases of property and equipment

(1,198

)

(1,462

)

Acquisitions of businesses, net of cash acquired

(327,867

)

(2,250

)

Net cash used in investing activities

(328,912

)

(3,245

)

Cash Flows from Financing Activities:

Proceeds from issuance of stock upon exercise of stock options

356

125

Proceeds from issuance of stock to employee stock purchase plan

782

597

Shares withheld upon stock vesting

(2,688

)

(1,305

)

Noncontrolling interest distribution

(366

)

(28

)

Proceeds from borrowings under term loan

175,000

—

Proceeds from borrowings under revolving line of credit

161,500

—

Repayments of borrowings under revolving line of credit

(34,000

)

—

Principal payments of long-term obligations

(559

)

(2,819

)

Debt issuance costs

(847

)

—

Net cash provided by (used in) financing activities

299,178

(3,430

)

Net (decrease) increase in cash and cash equivalents

(9,675

)

33,642

Cash and cash equivalents at beginning of period

20,229

86,363

Cash and cash equivalents at end of period

$

10,554

$

120,005

Supplemental Disclosures of Cash Flow Information:

Cash paid for interest

$

725

$

1,065

Cash paid for income taxes, net of refunds received

$

404

$

2,813

Days revenue outstanding (1)

41.2

41.4

(1) Our calculation of days revenue outstanding at March 31, 2019 and 2018 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended March 31, 2019 and 2018, respectively.

(1) Same store information represents the percent change in our Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume of the prior period. (2) Total volume includes all admissions and recertifications. (3) Total Episodic admissions includes admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis. (4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis. (5) Total includes acquisitions and denovos. (6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. (7) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

Segment Information - Hospice

For the Three-Month PeriodsEnded March 31,

2019

2018

Financial Information (in millions):

Medicare

$

130.7

$

91.8

Non-Medicare

6.3

5.5

Net service revenue

137.0

97.3

Cost of service

74.1

50.1

Gross margin

62.9

47.2

Other operating expenses

29.4

20.2

Operating income

$

33.5

$

27.0

Same Store Growth (1):

Medicare revenue

9

%

12

%

Hospice admissions

5

%

5

%

Average daily census

8

%

12

%

Key Statistical Data - Total (2):

Hospice admissions

9,711

6,933

Average daily census

9,982

7,214

Revenue per day, net

$

152.56

$

149.80

Cost of service per day

$

82.43

$

77.17

Average discharge length of stay

98

97

(1) Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. (2) Total includes acquisitions and denovos.

(1) The following details the certain items for the three month periods ended March 31, 2019 and 2018:

Certain Items:

For the Three-Month PeriodEnded March 31, 2019

For the Three-Month PeriodEnded March 31, 2018

(Income) Expense

(Income) Expense

Certain Items Impacting Net Service Revenue:

Contingency accrual

$

1,018

$

—

Planned closures (7)

(540

)

—

Certain Items Impacting Cost of Service:

Planned closures (7)

844

—

Certain Items Impacting Operating Expenses:

Planned closures (7)

88

—

Acquisition costs

5,758

435

Legal fees - non-routine

(132

)

562

Certain Items Impacting Total Other Income (Expense):

Miscellaneous, other (income) expense, net

(122

)

(809

)

Total

$

6,914

$

188

Net of tax

$

5,141

$

139

Diluted EPS

$

0.16

$

—

(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1. (3) Adjusted net service revenue is defined as net service revenue plus certain items as described in footnote 1. (4) Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1. (5) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1. (6) Adjusted EBITDA, adjusted net service revenue, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measure calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. (7) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

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